Real estate firm Puravankara Ltd has planned bumper project, launching this financial year, mainly from its affordable housing arm Provident Housing Ltd, as it looks to establish the brand pan India. Provident, which launched its first project in Chennai exactly a decade ago and mostly sells homes priced between ₹30 lakh and ₹70 lakh, seems to have hit the sweet spot in a tepid real estate environment, when many developers aim to launch projects in the mid-income segment.
The company plans to launch six new projects spanning more than 8.21 million sq. ft this financial year across Kochi, Mumbai, Pune, Bengaluru, and Chennai, the managing director said, as compared to Puravankara, which has premium category launches totalling 2.85 million sq. ft.
Puravankara and Provident projects at present have a 50:50 share in the company’s overall portfolio, but with the new launches, the latter will take up 70% share in terms of sheer project size. Bengaluru-based Puravankara Projects was among the first to form a separate business vertical dedicated to affordable and mid-income housing projects.
The Puravankara group has also decided to develop co-living facilities and plans to launch one such project in suburban Mumbai’s Goregaon. Developers who have the financial discipline and wherewithal, the right product and the ability to garner sales velocity are launching projects in a tough environment today. Affordable housing projects, or projects which are priced lower than the market prices are the ones which are going off the shelves.